The global smart lock market was worth US$ 1.3 Billion in 2018 and is expected to reach a value of US$ 2.7 Billion by 2024, registering a CAGR of around 13% during 2019-2024.

A smart lock is an electro-mechanical door lock system that performs the locking and unlocking function upon receiving commands from an authorized source. These commands are usually transmitted through smartphones, wearable devices or tablets using Wi-Fi or Bluetooth. Smart locks can be monitored from any location and customized to restrict universal access.

Furthermore, they provide monitoring features such as access notifications through SMS and e-mail and video camera with recording capabilities to provide visuals of the person at the door. They also have features such as auto-locking options that automatically lock a door if left unlocked for a specific period and perimeter auto-locking that automatically locks the door if the user's smartphone is outside the designated perimeter.

Increasing acceptance of advanced home security solutions and usage of smart devices are among the key factors driving the global market. A rising number of security threat incidents along with the development of smart cities have created the need for smart locks in both the residential and commercial sectors. Smart locks have high durability and low installation costs and provide a greater sense of security to the user. Consequently, they are rapidly replacing the traditional locking systems that included bulky locks with keys that are more prone to loss and theft.

Additionally, owing to rising urbanization and disposable income along with robust growth of the IoT technology, people are more inclined toward smart-technology-based assistance for their daily life functioning.

Furthermore, implementation of innovative technologies, such as cloud-based locking/unlocking that enables the user to access these locks through a virtual device remotely, is also expected to catalyze the market growth.

Key Questions Answered in This Report:

How has the global smart lock market performed so far and how will it perform in the coming years?

What are the key regional markets in the global smart lock industry?

What is the breakup of the market based on the lock type?

What is the breakup of the market based on the communication protocol?

What is the breakup of the market based on the end-user?

What are the various stages in the value chain of the global smart lock industry?

What are the key driving factors and challenges in the global smart lock industry?

What is the structure of the global smart lock industry and who are the key players?